Minister of Energy: Fossil fuels are an important source of world growth and prosperity

Prince Abdulaziz bin Salman, Minister of Energy, confirmed that the truth proven by events and crises is that fossil fuels, especially oil and gas, are important sources for the world’s growth and prosperity, and the need for them will continue for decades to come, as the competent authorities and expert houses indicate the continued growth of demand for oil in the medium term. In the long term, petroleum will remain one of the most important sources of energy in the world, emphasizing its continued importance in the growth of the global economy. Even if demand for petroleum declines in the long term, the advantage of Saudi oil in terms of low cost and emissions will contribute to continuing demand for it for a longer period.

The Minister of Energy said in the quarterly bulletin issued by the Energy Economics Association: We in the OPEC Plus group faced more challenging situations in the past, and we emerged from them stronger and more cohesive, and today we are more committed and flexible than ever before.